IT IS NOT THE BUYERS' MARKET!

Although the media screams that it is the buyers' market, I have to convince every one of my new clients that IT IS INDEED NOT true. On the opposite, it is very closely controlled by the large banks-sellers that were "saved" by the Government, aka "We the People", from being illiquid and not able to lend. They control the inventory and the prices. Yes, oh yes, it is, unfortunately, the truth about Real Estate nowadays. Banks control buyers AND sellers through short sales. So, here you have it- full control of the marketplace. Don't take me wrong- you still get a low price and a great deal but you DO NOT get to negotiate your terms or conditions; on the opposite, if you do not play by banks' rules, you don't get to buy a bank-owned home or a short sale, which are the majority of the inventory.

Clients often ask me why banks do this and don't do that. The scream in despair: "It is unfair!" Who said anything about business was fair? The law protects a buyer or a seller to some extent but the rest is being set by the marketplace. At this particular moment, the banks are the monopoly in the market and they control prices, terms and who buys and who doesn't. Whether you agree with it or not.

It is not surprising whatsoever. As a matter of fact, the market is ALWAYS controlled by someone. It is not a free commerce like the Government tries to fool us into thinking. It was set up like that and remains till now. It is controlled by powerful group of people that make money manipulating the unaware general public. I have nothing against them and I am not preaching they are bad, I am just trying to portray the situation as it is.

There's a great quote that was said by James Garfield, the 20th President of USA, back in 1881:

"Whoever controls the volume of money in our country is absolute master of all industry and commerce...when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate."

I think it just explains it all.

My property taxes are outrageous!!! What to do?

You buy your very first Las Vegas home and notice that your property taxes are really high. What should you do? It's been an issue for many buyers.

The Assessor will be using all sales up to July 1 of the year before the tax year. For example, for the 2009/2010 year, the Assessor used sales up until July 2008. You can call County Treasurer's Office (702) 455-4323 to find out when the next re-assessment is going to take place and what the assessed value is going to be.

If, in your opinion, the taxable value of your property exceeds the value indicated in the real estate market, please call (702) 455-4997 or come in to the Assessor's Office and discuss your appraisal with an appraiser. The Assessor welcomes the opportunity to review any evidence you can provide that will show the valuation exceeds market value. If, after discussing the matter with the Assessor's staff, a difference of opinion still exists, you may appeal your assessment to the County Board of Equalization. You may obtain the appeal forms from the Assessor's Office during the month of December until the deadline for filing, which is January 15 unless it falls on a holiday or weekend, which then would make the deadline the next business day. Completed forms must be returned to the Assessor's Office by the appeal filing deadline date. Please call 702-455-3891 to have an appeal form mailed to you. The forms are relatively easy so you may represent yourself rather than incur legal expenses.

The Nevada Legislature provides for property tax exemptions to assist individuals meeting certain requirements. Some of these include veterans, disabled veterans, surviving spouses, and blind persons. Nevada also offers a Senior Citizen Tax Assistance/Rental Rebate program to persons 62 years of age or older.

You can read more at: http://www.accessclarkcounty.com/depts/assessor/pages/valuenotice.aspx

Hope that helps!

FLIPPING PROPERTIES IN THIS MARKET??? IT IS INDEED POSSIBLE...

It is possible, however, the transaction must be in cash. How much could you make? We usually seek out properties that are 30-40% (the more, the better!) below the market value. There are certain costs involved and there are certainly some risks as well. We go case by case in determining the feasibility of any given property.

It is not as easy as it might seem- there is a lot of research and market knowledge involved. With recent changes in foreclosure procedures in Nevada, the rate at which lenders are foreclosing will significantly slow down, so this opportunity most likely won't last long. Additionally, the first-time and repeat buyers credits definitely stimulate more purchases, but once again,there's a time limit- the credits will only apply through purchases that are in escrow by April 30th. Please contact me with further questions.